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Von Yuka Hayashi
Washington (Dow Jones) – The United States temporarily suspended tariffs on scotch, cheese, cashmere jackets and other consumer goods in the United Kingdom on Thursday as the two countries work to resolve a long-running trade dispute over aircraft support.
The decision to suspend tariffs by 25 percent was announced in a joint statement by the two governments. This comes on the heels of the UK’s decision on January 1 to raise tariffs on US products such as rum, brandy and vodka. However, tariffs on bourbon and other whiskeys remain in effect, introduced separately in response to US punitive tariffs on steel and aluminum.
The mutual suspension of tariffs will last for four months, reflecting the “thawing of the ice” in trade tensions between the two countries. US President Joe Biden has pledged to work closely with US allies in opposing the tough tactics and tariffs used by the Trump administration to counter what it called unfair trade practices in other countries.
The joint statement added that the suspension would allow “a de-escalation of the matter and pave the way for a negotiated solution to the disputes between Airbus and Boeing.”
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(End) Dow Jones Newswires
March 04, 2021 15:34 ET (20:34 GMT)